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Cryptocurrency and Corruption: Auditing with Blockchain
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Technological developments have played a major role in supporting all sectors, globally. These developments have impacted sectors ranging from sports and healthcare to transport. Technology has reduced the level of fraud and dramatically increased liability at all levels. Financial tracking using technology can help reduce public sector corruption amounting to around $2 trillion, or around 2% of global GDP. The better the financial monitoring systems, the better the chances of stronger economic development. Cryptocurrency uses cryptography to ensure transaction security by identifying the users of the currency in each transaction as opposed to traditional payment methods such as banknotes and coins. Although most cryptocurrencies are anonymous and it is not possible to identify the user, it is technologically possible to add an identification number that does not make the crypto anonymous. Governments can use blockchain technology to their advantage not only to facilitate payments, but also to keep them authorized and secure. Cryptocurrencies are a much more efficient payment method than other existing methods. They have become even more reliable and efficient. This chapter maintains that not only can crypto make payments easier, but it can also prove to be a useful way to reduce fraud and corruption around the world. This can reduce execution costs and, based on information already available on transactions, the effectiveness and efficiency of spending can be measured.